Millions in funding from the European Innovation Council for iThera Medical for “breakthrough innovations”
Munich-based medical technology company iThera Medical has developed an innovative, non-invasive diagnostic imaging method called multispectral optoacoustic tomography (MSOT). It could soon achieve decisive breakthroughs in the diagnosis of several diseases. The European Innovation Council of the European Commission has also recognized this potential and has now awarded iThera Medical EUR 2.5 million as a grant and up to EUR 15 million in equity capital to support the FRONTIER innovation project in a two-stage process under the fully-fledged European Innovation Council (EIC) Accelerator. The EIC was launched in March 2021 as part of the Horizon Europe program and has a total budget of around EUR 1.1 billion in 2021 alone.
iThera Medical intends to use the additional funding to move its proprietary imaging technology from research into routine clinical use and provide clinicians worldwide with a powerful new diagnostic tool. It is based on the so-called photoacoustic effect, the conversion of light energy into sound waves. Among other applications, this method can be used to detect tumors and inflammatory diseases, simply and precisely, and without invasive procedures. “We are taking the next big step to transform our technology from a research tool to a diagnostic tool in a clinical setting, where it can play a crucial role for millions of patients worldwide,” said Christian Wiest, CEO and co-founder of iThera Medical. Bayern Kapital made its first investment in the company in 2018.